
Module 5 Economic Unit 7 Quiz
Quiz
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History
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4th Grade
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Practice Problem
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Medium
Felicia Rizzo
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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Buying a cell phone is very expensive, but cell phones probably do not cost all that much to make. Which is the best reason to explain why cell phones cost a lot for people to buy?
They are made from cheap materials.
People are willing to pay the high cost.
The taxes are high on cell phones.
Cell phones are hard to find.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Read the passage to answer the question.
A person is shopping at a grocery store. A worker is putting boxes of cereal on a shelf. Another worker is behind the meat stand cutting beef. When the customer finished paying for groceries, a third worker puts them in bags.
Which term best describes this situation?
Comparative advantage.
Opportunity Cost.
Supply and Demand.
Division of Labor.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does the scarcity of resources impact the price of goods?
It causes prices to go up.
It causes prices to fluctuate up and down.
It causes prices to go down.
It causes prices to remain the same.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imports and exports are important to our nation′s economy. Why is that?
A. Not all countries have the resources to produce goods and services.
B. It is important for the growth of our country to trade with other nations.
C. We do not like to buy products made in the United States.
Both A and B.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the price of a product when the supply of the product goes down?
Price goes down when the supply goes down.
Price goes up when supply goes down.
Price stays the same no matter how much is available.
None of these.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do people compare when they are making a choice?
Buying and Selling
Expenses and Resources
Supply and Demand
Costs and Benefits
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Producers make or supply goods or services. Identify a producer in your community.
A person borrowing a book from the library.
A person buying food from the grocery store.
A person baking bread at a bakery.
A person riding a bike.
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